[The following information applies to the questions displayed below.] Alcorn Service Company was formed on...
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[The following information applies to the questions displayed below.] Alcorn Service Company was formed on January 1, Year 1. Events Affecting the Year 1 Accounting Period Acquired $68,000 cash from the issue of common stock. Purchased $2,800 of supplies on account. Purchased land that cost $34,000 cash. Paid $2,800 cash to settle accounts payable created in Event 2. Recognized revenue on account of $58,000. Paid $29,000 cash for other operating expenses. Collected $46,000 cash from accounts receivable. Information for Year 1 Adjusting Entries Recognized accrued salaries of $4,000 on December 31, Year 1. Had $1,000 of supplies on hand at the end of the accounting period. Events Affecting the Year 2 Accounting Period
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